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CHAPTER 18 Insurance Law

CHAPTER 18 Insurance Law. 18-1 Insurance Fundamentals 18-2 Property and Casualty Insurance 18-3 Life and Social Insurance. 18-1 Insurance Fundamentals. GOALS Discuss the rationale for insurance Identify the common types of insurance Recognize when an insurable interest is present. FOCUS.

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CHAPTER 18 Insurance Law

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  1. CHAPTER 18Insurance Law 18-1 Insurance Fundamentals 18-2 Property and Casualty Insurance 18-3 Life and Social Insurance

  2. 18-1 Insurance Fundamentals GOALS • Discuss the rationale for insurance • Identify the common types of insurance • Recognize when an insurable interest is present Chapter 18

  3. FOCUS • Is insurance needed? Chapter 18

  4. Necessary Vocabulary in Life Protect against loss • Indemnity-one party pays another • Beneficiary-recipient of $$$$ • Policy-is the written contract • Premium-consideration for a contract of insurance • Risk-is the possible loss…. Chapter 18

  5. What is the purpose of insurance? You are betting with the insurance company that something bad is going to happen or you will die sooner than they think… Chapter 18

  6. COMMON TYPES OF INSURANCE • Life insurance • Term insurance -cheap stuff • Whole life insurance -pay for as long as insured lives page 320 read • Endowment life insurance -insure yourself for a certain period of time • Fire insurance-???? Is this not the same as homeowners or renters? Chapter 18

  7. COMMON TYPES OF INSURANCE (continued) • Casualty insurance types • Burglary, robbery, theft, and larceny insurance • Automobile insurance • Liability insurance • Disability, accident, or health insurance Chapter 18

  8. COMMON TYPES OF INSURANCE (continued) • Social Security • Marine insurance- big boats, tankers • Inland marine insurance-trucking • Fidelity and surety bonding insurance-insure against dishonesty Chapter 18

  9. Name the seven major types of insurance. Life, fire, casualty, social, marine, inland marine and fidelity insurance. There you have it…. Chapter 18

  10. WHAT IS AN INSURABLE INTEREST? • Insurable interests in property-suffer loss from damage or loss of property. Must have insurable interest at time of loss is the key…….. • Insurable interests in life-you would suffer direct financial loss if the person you are insuring dies… Chapter 18

  11. What is an insurable interest? Chapter 18

  12. 18-2 Property and Casualty Insurance GOALS • Contrast the various types of property and casualty insurance • Recognize the risks covered by automobile insurance Chapter 18

  13. FOCUS • Make a list of the potential dangers to personal or real property. Chapter 18

  14. PROPERTY AND CASUALTY INSURANCE • Fire insurance • Standard fire policy • Endorsements –are when changes are made to the policy • Proving a loss should be indemnified • Actual fire • Hostile fire • Natural and caused loss • Coinsurance • Inland marine insurance • Liability insurance Chapter 18

  15. AUTOMOBILE INSURANCE • Liability coverage –for when someone sues you for damages • Medical payments coverage – covers you & your passengers for doctor bills • Collision and comprehensive coverage –comprehensive- windshield, theft • Uninsured and underinsured coverage –allows insured to collect form their own insurance company if other driver is uninsured • No-fault insurance – be indemnified by own insurance company for an accident and then they collect or sue other insurance company Chapter 18

  16. What five major types of coverage are found in a typical automobile insurance policy? Liability, medical payments, collision and comp, uninsured motorists and no fault Chapter 18

  17. 18-3 Life and Social Insurance GOALS • Explain the purpose of life insurance coverage • Recognize the types of social insurance coverage Chapter 18

  18. FOCUS • At your age, why do you think you need to be aware of the details of life, social, and retirement insurance? Chapter 18

  19. LIFE INSURANCE • Exemptions –clauses in which the insurer won’t pay(plane crash, suicide) • Incontestability clause – after two years, they must pay you, only exemption is if you lie about your age • Grace period – 30 days before they can cancel your policy if you miss a premium • Additional coverages- double indemnity (die by accident other than natural ways) Chapter 18

  20. To whom is a life insurance policy face amount paid when the insured dies? “The Beneficiary” Chapter 18

  21. SOCIAL Security INSURANCE • Retirement insurance –choice of ages to collect, 62, 65, 70 • Survivor’s insurance-for your spouse • Disability insurance- severe long lasting illness • Health insurance • Medicare Chapter 18

  22. What does RSDHI stand for? See previous slide, social security Chapter 18

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